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Summary: Chandler, Arizona; Miscellaneous Tax
Standard & Poors, October 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services assigned its 'AAA' rating to Chandler, Ariz.'s series 2009 excise tax revenue obligation bonds. The rating reflects: A growing economic base, with good access to employment opportunities throughout the Phoenix MSA; A diverse and reliable stream of pledged excise taxes that comprise sales taxes and state-shared income taxes; Very high 24.5x maximum annual debt service (MADS) coverage by actual fiscal 2008 pledged excise taxes; A strong additional bonds test (ABT) requiring historical 3.0x MADS coverage; and The city's historic reliance on excise taxes to fund general fund operations, making it very unlikely that it will bond down to its ABT. The bonds are secured by a first lien of excise taxes, which include transaction privilege...
Companies mentioned in this report are: Chandler
Action: New Rating
Action: Outlook: Stable